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One Criticism of the Economic Model of Decision Making Is

question 5

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One criticism of the economic model of decision making is that it assumes that consumers have sufficient accurate information and an adequate degree of involvement or motivation to make perfect decisions.


Definitions:

Lease

A contract by which one party conveys land, property, services, etc., to another for a specified time, usually in return for periodic payments.

Opportunity Cost

The worth of the best alternative given up due to making a decision.

Opportunity Cost

The value of the next best alternative that is foregone when making a choice.

Tuition

The fee that educational institutions charge for instruction and training.

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